When new CEO John Ternus takes the stage Wednesday, Wall Street will be watching to see whether Apple can still produce game-changing hardware and turn virtual assistant Siri into a real contender in the AI race.
Analysts expect Apple to announce at its Cupertino, California, headquarters a new iPhone that folds open like a passport. They said it could quickly emerge as the category leader in the nascent folding phone market, despite an expected price of more than $2,500 and having cameras and processors that may not lead the market.
The company has already announced a deep overhaul of Siri – in part by tapping Google's AI tech behind the scenes – and that may prove to be Ternus' first big success after years of delays. A successful revamp by the end of this year could give Apple a good chance of pulling even with longtime rival Google's Gemini assistant, analysts said.
Investors have largely looked past Apple's slow start in generative AI because of the company's billion-plus device installed base and loyal customer base. Ternus now faces pressure to convince consumers that Apple's devices are the best way to use AI, which could determine whether he inherits former CEO Tim Cook's momentum or plays catch-up.
